tv Asia Business Report BBC News June 27, 2018 1:30am-1:46am BST
our top story: president trump has hailed a us supreme court decision to uphold his travel ban targeting five muslim—majority countries. president trump said that, in an era of worldwide terrorism, we have to be tough and we have to be safe. but a dissenting judge said the ban was motivated by bias against muslims. rescue crews in thailand are still trying to find members of a teenage football team and their coach who have been missing in a cave network since the weekend. the last 16 is taking shape in the world cup tournament. argentina have just made it into the next round of the russia world cup with a tense win over nigeria. croatia took a 2—1 victory over iceland to qualify at the top of group d. they will go on to play france, who came top of group c. and the top story here in the uk: a british plumber has been found guilty of planning a terror attack in westminster, and making bombs for the taliban. prosecutors said khalid ali,
who was arrested last year, had planned a murderous attack on politicians and police. now on bbc news, all the latest business news live from singapore. oil prices continue to rise in asia after the us pushes allies to limit imports of iranian crewed by november. and move over pizza and chips. in china, this lack of choice during world cup viewing is anything but foul. —— the snack of choice. good morning, asia, hello, world. glad you could join us for another exciting edition of asia business report. i'm rico hizon. we start off with oil prices, because theyjumped nearly 4% in us trade and continued to rise in asian trading. now up by
another 11 cents to $70.61; per barrel. that is the first time it has breached $70 in two months, that is after washington pushed allies to halt imports of iranian crude by november. four of the six biggest buyers of iranian crude are here in asia. so today's movement aside, this will impact countries such as china, south korea, india and japan. 0ur correspondent explains why the market reacted so much. this represents a significant departure compared with when the sanctions we re compared with when the sanctions were first imposed by the 0bama administration. at that point in the american allies were allowed to reduce their purchases of iranian oil by 20% every 180 days to show they were keeping in line with american sanctions. now the trump administration is saying they want to see all iranian oil purchases concluded by four november. that is why the market reaction was so swift. we saw that the price of us
oil, west texas intermediate crude, jumped 3% to over $70 a barrel. the question is who will have to stop purchasing iranian oil. four of the top six buyers of iranian oil in asia. the top two, of course, being china and india. now the is whether 01’ china and india. now the is whether or not these two countries will comply with american sanctions, especially at a time of rising trade tensions. and on tuesday we told you about harley—davidson moving some production overseas. the reason was new european union tariffs on us exports that were brought in after donald trump introduced tariffs on eu steel and aluminium. today the president has responded. harley—davidson is using that as an excuse, and i don't like that, because i've been very good to harley—davidson, and they used it as an excuse harley—davidson, and they used it as an excuse and i think the people that ride harleys are not happy with harley—davidson, and i wouldn't be either. but mostly companies are
coming back to our country. he has also threatened to impose new taxes on harley—davidson, though our reporter says the president's options are limited. i think most traders on wall street i was speaking to earlier today would tell you it is probably more likely rhetoric than anything. certainly there is concern that president could do something like tax the motorcycles that harley—davidson would try and build a broad and reimport into the us. that assumes harley—davidson would be building motorcycles abroad that it would wa nt to motorcycles abroad that it would want to bring back into the us. the announcement yesterday was specific to the idea that motorcycles bound for the european market, they would start building those outside of the us in their overseas facilities. so the president's options here, at least most people think, are fairly limited here. one way would be if harley—davidson was reimported motorcycles into the us, he could potentially charge tariffs on those. trade tensions are also high between india and the us after india announced the list of tariffs against american goods in response
to trump's steel and aluminium taxes. 0fficials to trump's steel and aluminium taxes. officials from the us and india are having talks today, so will the negotiations help india be removed from the united states' hit list? i put that question to a representative from the asian trade centre. i think it is unlikely, representative from the asian trade centre. ithink it is unlikely, only four countries are off that list 110w. four countries are off that list now. to get off that list they would have to show a lot of commitment to doing the sorts of things the united states would like them to do. and reduce the trade deficit, $30 billion compared with china at $375 billion. it is less than 10%. yes, but any deficit in the trump world is too much deficit. so anything to reduce that deficit is enough to perhaps get yourself off that list. but with india imposing tariffs on 30 us product, could we see more ta riffs 30 us product, could we see more tariffs on additional products
imposed on india? it is very possible. this is the challenge of a trade war. 0nce possible. this is the challenge of a trade war. once you start retaliation and cross retaliation, where does it stop? the likelihood is it escalates rather than pulls back down again. this is why we often say there are no winners in a trade war. it is hard to say how it ends, it is hard to say it stops retaliating, it is hard to say where the collateral damage will end up. in other business news, uber has avoided a ban in london. its new licence would include strict conditions on the company has been accused of gung ho behaviour in the past. 0ur correspondent has been covering the hearing. in court over the last couple of days they have really stepped back. they have kind of admitted they were completely wrong to challenge that ruling and admitted they were not fit and proper company. and their case has been that have reformed. they have come to agreements with transport for london to behave better, have
new protocols, they have new people in charge. and given that ruling, the chief magistrate was pretty scathing in her description of the behaviour of the company over recent yea rs. behaviour of the company over recent years. she said it had showed a gung ho attitude and seemed to want to grow the business come what may. it was obviously on a knife edge whether or not this licence would be granted. she did eventually say yes, you can have a licence for 15 months, but made it clear this was very much a probationary period. imagine being able to one—day buy your home using crypto currency. that is something property experts say is not as far—fetched as you would think. the property sector is quickly adopting new technologies, and asia could be taking the lead. earlier i asked a representative from a property group how new technologies are impacting the industry. people are using block
chain, it is still heavily regulated ina lot chain, it is still heavily regulated in a lot of countries. we are seeing injapan, for example, in a lot of countries. we are seeing in japan, for example, bitcoin in a lot of countries. we are seeing injapan, for example, bitcoin is legalised but we envisage a world where you will be able to buy com pletely where you will be able to buy completely digital, online, start to finish. how does the blockchain improve the efficiency within the property sector? so i think the purpose of the blockchain really is to speed the whole process up, is digitising. the first thing it will do is destined to mediate the third parties involved in transactions, agencies, mortgage brokers. and then it will go about making it more secure, because it is very transparent. it will take away corruption and fraud, it will be much faster, you will see smart contracts rather than analogue contracts. land title is still analogue, it will be digitised. it is all about accelerating and making the whole process more efficient. and finally, for fans of football, there is no better time than the world cup football season to get together with friends and family and
watch world—class matches. here in asia that means sometimes staying up until the early hours of the morning watching and munching on your favourite snacks. in china, the hot nibbles this year are duck necks. china, like plenty of other countries, is in the grip of footy fever. hear that means a festival of sport. beer is and duck necks. —— beers. all over beijing, just like other chinese cities, these food delivery drivers can be seen in big numbers tearing around the streets. this family has kindly allowed us to watch the game with them. so we have got our beverages, we
have got our duck necks, and we have got our football. enjoying football, easing duck necks. let's have a quick look at the markets. due to the rising tensions between the us and china on the trade front, it is impacting the nikkei. thank you for investing your time with us. i'm rico hizon. goodbye for now. the top stories this hour: donald trump hails a victory after securing legal and constitutional backing for a key
immigration policy — a travel ban on several mainly muslim nations. rescue crews in thailand are continuing to search for members of a teenage football team and their coach who disappeared in a cave network on the weekend. rain has been hampering the search effort. the former archbishop of glasgow, who was the most senior catholic in scotland, has apologised and spoken of his deep shame while giving evidence at an inquiry into alleged child abuse at homes run by nuns. mario conti is the most senior figure so far to appear at the inquiry. 0ur scotland correspondent lorna gordon has this report. for eight weeks now, the scottish child abuse inquiry has been looking into allegations of abuse at residential homes run by the sisters of nazareth. today, 84—year—old archbishop mario conti, seen here closest to the camera, gave his side of the story and became the most senior member of the catholic church to give evidence to the inquiry so far.
helen holland was five when she entered nazareth house in kilmarnock. for her, she says it was a place of cruelty and violence. i remember being kicked to the point where i almost felt like i was going to pass out, being sexually abused and told that it was the devil that was inside of you. children were controlled by absolute fear. children were terrified all the time. the scale of the alleged abuse came to light two decades ago. in a bbc documentary from the time, the then bishop conti suggested some of those claiming to have been abused were motivated by money. there are some people before whom lawyers have been dangling a pot of gold. there are a whole range of possible motives. i am simply saying that some people have been making fantastical accusations against the sisters. archbishop conti told the inquiry he would not use that phrasing now. 20 years on from those comments, he said he was deeply ashamed of what has been revealed
to have happened. he said he was sorry, and he asked for forgiveness. for helen, the apology didn't go far enough. i feel upset, to be totally honest with you. i was hoping that there would be compassion towards survivors, and i would love to believe in their today feeling that way. but the truth is i don't. i feel disappointed. the archbishop described allegations of a cover—up of abuse claims by the catholic church as unfair, but he will hope his testimony goes some way towards reconciliation with those who say they have been abused while in the care of catholic orders. time now for all the sports news in sport today. hello there.
this is sport today, live from the bbc sport centre. coming up on the programme: argentina keep their world cup dreams alive, as they break nigerian hearts to make it through to the last 16. croatia finish top of group d with a third successive win, but iceland bid farewell to russia. and sri lanka beat west indies by four wickets to win the third and final test in barbados and level the series at 1—1. hello there and welcome to the programme. plenty to get through. we start with news from the fifa world cup in russia, and there were plenty of twists and turns on tuesday. argentina scored late to salvage their campaign and progress to the last 16, meaning heartache for nigeria. while elsewhere, denmarkjoined france in the knockout stages after playing out a goalless draw — the first of the tournament, and 0lly foster has been watching. we're had another one of those